What Can You Do with an MBA?
A Master of Business Administration (MBA) is a common graduate degree program in the field of business that helps individuals prepare for and/or advance their career to positions with leadership, management, and administration requirements. MBA career paths are likely to have 'manager' or other administrative terms in the job title, like 'advisor' or 'consultant'. These careers can be in a variety of business-related areas, as MBA programs often offer areas of specialization. For example, students can pursue a general MBA in Leadership or specialize in a particular field, like an MBA in Industrial and Organizational Psychology. Other fields could include finance, marketing, or data analytics.
Benefits of an MBA in Finance
An MBA in Finance may be a good fit for those interested in studying financial topics like financial analysis, investing, portfolio management, valuation models, and forecasting. Besides possibly matching a student's personal interests, an MBA in Finance has other benefits, such as career options, annual salary, and program flexibility. Below we discuss some of these benefits in more detail.
MBA in Finance Jobs
An MBA in Finance generally helps prepare students for advanced leadership and management positions within the field of finance. People in many of these positions work to help individuals or organizations better manage their finances and work towards financial goals. Some specific job titles for a graduate with an MBA in Finance may include:
- Financial advisor
- Financial manager
- Financial analyst
- Budget analyst
- Securities, commodities, and financial services sales agent
According to PayScale.com, graduates with an MBA earned an average annual salary of $87,000 in November of 2019. The website also reported that those with an MBA in Finance earned an average annual salary of $97,000 during the same time period. It is important to note, however, that salary can vary greatly depending on factors like one's place of employment and level of work experience.
The U.S. Bureau of Labor Statistics (BLS) reported an average annual salary of $146,830 for all financial managers in 2018. This average salary was reported to be even higher at $209,160 for financial managers working in securities, commodity contracts, and other financial investments and related activities.
MBA in Finance Formats
Another benefit to an MBA in Finance includes the program's availability of various formats. Students can commonly choose from on-campus or online programs, as well as full- or part-time program formats. Some of these degree programs even offer evening courses for working professionals. The cost of an online MBA program is usually comparable to an on-campus program and may allow students to work at their own pace.
MBA in Finance vs. Master's in Finance
Students interested in working in the field of finance may be considering if an MBA in Finance or a Master of Science (MS) in Finance is the right choice. The main difference between these degree programs is the scope of the degree. An MBA in Finance generally provides a broader overview of business in its curriculum, while a master's degree focuses more specifically on the field of finance. Another big difference is that some MBA programs may require work experience for admittance to the program, while master's in finance programs usually do not.